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'Indonesia-only' Intudo Ventures raises $115m in latest fund

Cash haul in less than 3 months comes on back of Bukalapak euphoria

Intudo Ventures is bullish on Indonesian startups. (Source photos by AP and screenshot from Intudo Ventures' website) 

JAKARTA -- Intudo Ventures, a venture capital company investing exclusively in Indonesian homegrown startups, on Wednesday announced the closing of its latest fundraising at $115 million.

The Intudo Ventures Fund III was oversubscribed and the money was raised in less than three months, even amid the coronavirus pandemic, with founding partner Eddy Chan attributing the interest partially to the successful market debut of e-commerce company Bukalapak on the Indonesia Stock Exchange last month. Bukalapak became the first Indonesian unicorn -- a startup valued at more than $1 billion -- to list on the IDX.

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